IDBI Bank Personal Loan Eligibility | IDBI Bank Personal Loan


IDBI Bank Personal Loan Eligibility | IDBI Bank Personal Loan


IDBI Bank Personal Loan Eligibility Criteria

There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are
AgeMinimum 21 years
Maximum 65 years
NationalityIndian
Employment TypeSalaried or Self-employed
Employment statusEmployed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business
Minimum IncomeRs.4000 - Rs.20000 per month (Varies according to area, which is higher in cities)
Maximum Loan AmountRs.70 lakhs (Based on your repayment capability)
TenureMinimum – 6 months
Maximum – 60 months
Credit ScorePreferred 750
These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.


Documents Required for IDBI Bank Personal Loan

Important documents to be submitted while applying for personal loans
  • Completed loan application
  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • IT returns for the three years for self-employed professionals
  • Form 16/IT returns for the last two financial years for salaried employees

Factors Affecting IDBI Bank Personal Loan Application

Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are
  • Location: the place where you stay play an important part in your loan application. This determines the minimum salary amount for you to be eligible for a personal loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.
  • Income: The higher the income the better loan amount you will get. This also shows that your repayment capability is excellent.
  • Housing situation: Whether you stay in your own house or in a rental property also play a part in determining your loan amount. This is because staying in a rental property reduces the disposable income, which means that your repayable capacity is reduced.
  • Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the personal loan interest rate can be negotiated.
  • Existing credit: If you already have another loan or credit card debt will play a major factor in determining your loan amount and interest rate.
  • Credit history: Your credit history based on which your credit score is calculated is very important. It is a primary factor upon which the loan amount, interest rate and tenure depend upon. If there is any discrepancy in your credit history, there are chances of your loan being rejected outright.


IDBI Bank Personal Loan

IDBI Bank is an Indian government-owned financial service company, formerly known as Industrial Development Bank of India, headquartered in Mumbai, India. It was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry. IDBI is currently the 10th largest development bank in the world in terms of reach, with 3700 ATMs, 1995 branches, including one overseas branch at Dubai, and 1382 centers.

IDBI Bank personal loan eligibility criteria for salaried and self-employed person

Age limit: Minimum – 22, Maximum – 58
Minimum Loan Amount for IDBI Bank Personal Loan:
IDBI Bank provides personal loans starting from Rs.50000
Maximum Loan Amount for IDBI Bank Personal Loan:
IDBI Bank provides loans to a maximum of Rs.10 Lakhs for salaried person and Rs.5 Lakhs for self-employed
Minimum Salary Requirement for IDBI Bank Personal Loan: Minimum net income required for IDBI Bank personal loan is Rs.1,80,000 per annum for salaried individuals, Rs.2,40,000 per annum for self-employed individuals
Work experience Required for IDBI Bank Personal Loan
Number of years in current company: 1 months
Total work experience: Minimum 1 year
IDBI Bank Personal Loan Tenure: IDBI Bank offers loans for a tenure with maximum of 60 months
IDBI Bank Personal Loan Interest Rate: The interest rate for IDBI Bank personal loan is 13.99% to 16.99%
IDBI Bank Personal Loan Charges
Loan processing charges: Up to 2.50% of the loan amount subject to a minimum of Rs.999/- plus taxes
Foreclosure charges:
a) Foreclosure of Personal loan after six months of disbursals may be allowed without pre-payment charge. 
b) Foreclosure if sought before 6 months from disbursal date, a charge @ 2% of the outstanding loan amount is to be levied.
Pre-part payment Charges:
a) Part pre-payment of Personal loan after six months of disbursals may be allowed without pre-payment charge. 
b) Part pre-payment if sought before 6 months from disbursal date, a charge @ 2% of the outstanding loan amount is to be levied.
However, in such cases, no further personal loan will be sanctioned to the borrower for 12 months from the date of making the part pre-payment.

How can I get IDBI Bank Personal loan?

Personal loan Application Process for Existing Customers
Existing customers can apply for a IDBI Bank Personal online or visit a nearby IDBI Bank branch for the application. You can also download the home loan application form from the IDBI Bank official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.
Personal loan Application Process for New Customers
The process to apply for IDBI Bank personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.
You can also check your eligibility for a personal loan through CreditMantri and apply for it.
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